The question that determines your future wealth

In Ireland, the inflation rate has fallen over the past few months from 9.6% in July to 7.7% in December, but this doesn't mean that everyone's life is now 7.7% more expensive.

How inflation affects you will differ depending on your age, location, job, savings and investments.

There will be winners and losers: net buyers and net sellers.

Let's take an example.

You bought a house before 2020 vs. you're looking to buy a home in 2023. For those who bought pre-2020: Initial fixed rate at 3% or lower (many of these will be approaching their fixed rate cliff)

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Classifieds For Sale

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Up to 40% increase in home value since purchase

Your mortgage repayments have remained constant while the value of your home has increased dramatically.

Yes, you're paying more for eggs, but your debt as a percentage of household net worth is considerably lower.

You're wealthier now than you were before the pandemic, in both absolute and relative terms, due to the inflation tied to your most significant asset.

Over two thirds of the Irish population have a mortgage or own their home outright.

For many of these, inflation has been a net positive due to the housing effect - a

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CALL US: 064 6632215 OR EMAIL: SALES@KILLARNEYADVERTISER.IE represents. The same inflation. Two very different outcomes.

The Property Divide

This is the very essence of how wealth gaps materialise, playing out in real time at an accelerated pace.

Many factors drive wealth inequality in Ireland, but it's bizarre to think that the side of the wealth divide you find yourself on may be determined by simply asking the question.

Did you own a home before the pandemic started or not?

wealth-creation event.

For those looking to buy a home now, the past three years have created a very different scenario.

Wealth Destruction

According to the Central Statistics Office, the average house price index has gone from €293,000 to €359,000 since 2019, an increase of €66k. Mortgage rates are now starting to increase. This is set to continue as the ECB looks to raise its deposit rate to 3.5%. (ECB rates were negative in 2019). As such, recent inflation has had a materially negative impact on both the purchasing power of the savings accumulated to buy a house and the future debt burden that the mortgage la on 087 2944505.

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With 70% of Irish wealth tied up in housing, the wealth effect of rising house prices is particularly strong relative to the rest of the world.

Remedies

Don't just listen to the headline numbers. Figure out how inflation is affecting you personally.

Are you being crushed by rising prices, or are you a net benefactor as prices increase?

Everyone isn't on the same boat here. The sooner you realise this, the sooner you can do something about it. Want investment advice and personal finance tips that won't bore you to death? Join the one thousand plus subscribers by scanning the QR code or go to www. theislandinvestor.com.

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Animals

ANIMALS: HUG: Homes for Unwanted Greyhounds. For further details please contact us on 087 9822695 or email homesforunwantedgreyhounds@eircom.net.

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WANTED

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If you are traveling in the coming week and discover your passport is out of date please contact me or my office before submitting your application for the best advice. Please note that first time passports are taking 10 weeks to process.

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Experienced Waiting Staff Craft Gardener

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February 25th 11.00 to 1.00pm

Bean an Tí / Fear and Tí

Traditional Catering Staff (fixed hrs)

Chef / Cook (fixed hrs)

Farmers (with experience of Horses, Livestock & small farm animals)

Pet Farm Attendant

Ticket Office /Visitor Information Assistant

Mini Bus Driver

PEOPLE OF ALL AGES AND EXPERIENCES WELCOME!

If unable to attend CV’s to hr@muckross.ie

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